The Osceola times., 1887-08-06
THE PACIFIC SLOPE.

wheat Garner Mt San Trancisco-A Col
Isp.e. Entailinc General Ruin. Imminent.
SAN Francisco, Aug 1.-Two matters ia
particular have engrossed the attention OF
the public during the past week-the IN
yestigation of Central Pacific anairs Dy
the Pacific Railroads Commission and the
wheat deal, which has reached most re-
markable position, showing vast quantities
of endurance by both the longs, who are
Just now on top, and the shorts, VINO are
daily expecting a collapse OF the chque'
The Pacific Railroads Commission has as
vet taken few tricks and no honors in IN
vestigation of Central Pacific affairs in
their relations with the Government.
Instead of resulting in a profit to the
Government il is likely TO relieve she
Government of some of it's troublesome
surplus, according TO the showing made
by Senator Stanford, president OF
the Central Pacific railroad. In the course
of his examination he submitted a detailed
statement, which showed that the Govern
ment was indebted TO the Central Pacific
to the extent of nearly SG3,OOO,0oO. Mr..
Stanford is a man evidently not easily ex-
cited or overawed. To questions whether
their officers or agents had paid any
money or valuable consideration, or done
any thing for the purpose of influencing
legislation, Mr.. Stanford quietly but firm
ly replied that il was a matter which did
not concern the Government, and, there
fore, not its business.
"Do you mean to answer that with re-
gard TO legislation" asked Mr.. Pattison,
chairman of the commission.
"Tbat is my answer" quietly observed
the Senator, and nothing more was said
on the subject. The whole matter of the
investigation is looked upon by thinking
men as one of the hugest farces ever pro-
duced, and it is the general opinion that it
will result In nothing Of material benefit 70
the dear people.
II seems absolutely absurd to suppose
that If there was any crookedness any
where il could be brought TO light by the
means adopted. With the long notice the
railroads had of the proposed investiga'
tion, and the large force of men at their
command, if fraud existed II would be an
easy thing for the railroads TO arrange
matters so that II would be impossible to
discover 1t. Again, how could a force of
score or more of accountants possibly ex-
anime thoroughly in a few weeks the ac-
counts kept for a score of years by hun
dreds of clerks.
IL is a curious fact that two possible can
ddates for the presidency of the United
States have confronted one another in this
investigation here--Leland Stanford, OF
California, President of the Southern Pa
cifc railroad, and Robert Z. Pattison, OF
Pennsylvania, chairman Of the United
States Pacific Railroads Commission. Pat
tison, who was elected Governor of Penn
81. toly or hyQ
years ago, is said TO be now in active
training Tor a presidential nomination, and
Stanford is also being talked about every
where in the same connection. Is is gem
erally conceded that If Pattison can so
contrive his questions during the investi-
CATION as TO damage or apparently damage
stanford, he will do his party a service for
which he will be entitled to some reward.
Hence the investigation has considerable
interest aside from the mere facts elected
in the course of il.
WHEAT, THE GREAT STAPLE,
| is Just at present wanted by some people
| as badly as during a famine. One week
ago II was selling by the bushel of sixty
| pounds at Liverpool for s1.0i as; at New
| York for 81 cents; Chicago, 6S "a cents,
and at San Francisco for S1.l1. Since
| Monday considerable variation has taken
| place here, and Saturday il sold at s2.15 Ia
| per Genital, or Sl.29 a bushel, while varia.
| tions at the other points mentioned have
| been inconsderable. That strong clique
| is cornering the market here, without co.
| operation at any other point, is now an un
| doubted fact, though earlier In the season
| it was supposed that the bull movement
| here was in sympathy or in co.
operation with clique at Chicago and
| other Eastern points. 1t is now certain
| that il is perfectly independent schem,
| of Pacific coasters. The wheat ring start
| ed out to pinch the shorts, and in this
operation they have had to take an enor
nous quantity of wheat which has beer
| hurled upon them from all parts of tn,
| State. They have borrowed money upor
| this wheat to the last dollar, and some OF
the banks and private capitalists who hav,
| advanced the coin are now growing
| alarmed, for they realize that the present
market prices established by the ring ar,
| wholly fictitious, and that gigantic
| bubble has been inflated which
| is liable to collapse at any
moment and entail general ruin smi.
lar to that which followed the bursting OF
the great pool in Chicago. Having con
troll of the board of directors Of the Cal
Board, the pool has been enabled to make
| such rules, and construction of rules a.
would aid il in its operations. That the
| syndicate is nearing it's final dissolution
seems TO be the general opinion, as their
only recourse now is to call in margins
| while at the same time they are being
| loaded up to the ears with wheat. The
money they obtain by this means they ap.
| ply to run up prices, but it can not last
much longer, as this source of revenue will
| be soon exhausted.
| In the meantime the call board ware.
| houses are full of wheat, so that no more
can be received in them. Nearly all of this
wheat belongs to the combination, and was
accumulated during tho fight against the
shorts. This keeps wheat from coming for.
ward from the country. The dam which
the ring has thus built TO keep back
wheat has completely blockaded railroads
| leading to principal terminal points
| Thousands of cars are along the lines
| waiting to he unloaded, and no cars can be
| procured to bring any more wheat for
| ward. Steamers and barges upon the
| rivers are in similar fix. There are
barges full Of wheat alongside the
| wharves at Port Costa which have been
waiting ten days to be unloaded, causing
no end Of injury to transportation compa-
nies. Farmers all over the State are loud.
| ly cursing the combination for thus virtu.
ally corneriug all the freight cars and pre-
venting them from getting their wheat into
market TO deliver to the pool at the pre-
vailing high prices.
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